Social Media Influences Luxury Property Buyers

Social media is overwhelmingly influencing global luxury consumers to purchase their dream home, reports Abode2. The latest industry insights reveal a whopping 73% of affluent consumers say they have been influenced by social media to purchase a particular home they desire. Instagram (45%), YouTube (45%) and TikTok (44%) are the top social media platforms that have influenced HNW buyers to purchase their dream home.

For the younger generations Millennials and Gen Z, TikTok has especially become a popular platform to connect with real estate agents to become more knowledgeable about the housing market through comprehensive yet digestible, bite-sized videos and virtual walkthroughs of homes. 64% of consumers aged 18-24 have been influenced by social media in their desire to purchase a particular type of home. In addition, 68% of consumers in this age bracket are most likely to have been influenced by TikTok in their decision to purchase their desired home.

Furthermore, social media has become a powerful tool for word-of-mouth marketing. Buyers often turn to their social networks for recommendations, advice, and opinions on properties and agents. Positive reviews and testimonials on social media can greatly impact a buyer’s decision-making process. On the other hand, negative feedback or experiences shared on social media can steer potential buyers away from certain properties or agents.

In addition, social media algorithms are increasingly tailored to users’ preferences, interests, and search history. This means that buyers are presented with targeted advertisements and recommended properties based on their preferences and previous interactions on social media. This personalised approach helps buyers find properties that align with their needs and preferences, making the property buying process more efficient and effective.